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The National Electrification Administration (NEA) has remitted a total of P43,058,291.62 in dividends to the national government, which the Department of Finance (DOF) acknowledged on Monday during the 2024 Government-Owned or -Controlled Corporations (GOCC) Day.
NEA Administrator Antonio Mariano Almeda accepted the Certificate of Recognition signed by Finance Secretary Ralph Recto in a ceremony held at the Philippine International Convention Center (PICC) in Pasay City with President Ferdinand Marcos, Jr. and Executive Secretary Lucas Bersamin in attendance.
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The National Electrification Administration (NEA) welcomed on Monday the signing of a Memorandum of Agreement between the provincial governments of Oriental and Occidental Mindoro and their respective electric cooperatives (ECs) with the Maharlika Investment Corporation (MIC).
Leading the ceremony was NEA Administrator Antonio Mariano Almeda, with the event graced by MIC President and CEO Rafael Jose Consing, Jr., Occidental Mindoro Gov. Eduardo Gadiano, Oriental Mindoro Gov. Humerlito Dolor, and Department of Finance Usec. Catherine Fong.
Read more: NEA SPEARHEADS PARTNERSHIP BETWEEN MIC, ORIENTAL AND OCCIDENTAL MINDORO LGUS, ECS
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As of 31 March 2024, the National Electrification Administration (NEA) extended a total of PhP263.78 Million worth of loans to 12 electric cooperatives (ECs).
According to the latest data from the NEA Accounts Management and Guarantee Department (AMGD), PhP178.45 Million was used for the Capital Expenditure (CapEx) projects of 9 ECs. These are the Tablas Island Electric Cooperative, Inc. (TIELCO), Masbate Electric Cooperative, Inc. (MASELCO), Iloilo II Electric Cooperative, Inc. (ILECO II), Bohol I Electric Cooperative, Inc. (BOHECO I), Bohol II Electric Cooperative, Inc. (BOHECO II), Leyte V Electric Cooperative, Inc. (LEYECO V), Bukidnon Second Electric Cooperative, Inc. (BUSECO), South Cotabato I Electric Cooperative, Inc. (SOCOTECO I) and Siasi Electric Cooperative, Inc. (SIASELCO).
Read more: NEA LOANS EXTENDED TO ECS REACH PHP263.78 MILLION AS OF THE FIRST QUARTER OF 2024
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Last 01 June 2023 to 29 June 2023, the National Electrification Administration’s (“NEA”) EC-Audit Department (“NEA-ECAD”) conducted a Comprehensive Operations Audit of the Negros Occidental Electric Cooperative (“NOCECO”). The said audit covered NOCECO’s operations during the period of 01 August 2019 to 30 April 2023.
In its Audit Report, the NEA-ECAD found that improper disbursements were made by the NOCECO Management and Board of Directors during the audit period. The disbursements were classified as “improper” mainly due to the following reasons: (a) for being above and beyond the allowable thresholds under the relevant NEA Rules and Guidelines; (b) for being made without NEA’s explicit approval; and (c) despite NOCECO’s attention being called in previous audit findings, for being made with the deliberate failure to submit the appropriate Board Resolutions required by NEA to evaluate the fund disbursements.
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Administrator Antonio Mariano Almeda called on all 121 electric cooperatives (ECs) nationwide to share their best practices with one another in order to enhance the reliability and efficiency of their power distribution services for the benefit of their member-consumer-owners (MCOs). This was done through a summit organized by the National Electrification Administration (NEA) on Monday, 01 April 2024.
Included in the agenda are the following areas of concern: fluctuating voltage in the technical systems of the co-ops; management of the EC Reinvestment Funds and EC Retirement Funds; loan facilities to establish the Advanced Metering Infrastructure (AMI), Supervisory Control and Data Acquisition System (SCADA) and Geographic Information System (GIS) of the ECs; concerns with respect to the enhanced Integrated Computerized Planning Model (e-ICPM); and the timeline of EC bidding activities.
Read more: NEA HOLDS SUMMIT TO FACILITATE SHARING OF BEST PRACTICES AMONG ELECTRIC COOPERATIVES
